Hassellhouf Companys trial balance at December 31, 2015, is presented below. All 2015 transactions have been recorded except for the items described below. Debit Credit Cash $28,000 Accounts Receivable 36,800 Notes Receivable 10,000 Interest Receivable 0 Inventory 36,200 Prepaid Insurance 3,600 Land 20,000 Buildings 150,000 Equipment 60,000 Patents 9,000 Allowance for Doubtful Accounts $500 Accumulated DepreciationBuildings 50,000 Accumulated DepreciationEquipment 24,000 Accounts Payable 27,300 Salaries and Wages Payable 0 Unearned Rent Revenue 6,000 Notes Payable (due in 2016) 11,000 Interest Payable 0 Notes Payable (due after 2016) 30,000 Common Stock 50,000 Retained Earnings 63,600 Dividends 12,000 Sales Revenue 905,000 Interest Revenue 0 Rent Revenue 0 Gain on Disposal of Plant Assets 0 Bad Debts Expense 0 Cost of Goods Sold 630,000 Depreciation Expense 0 Insurance Expense 0 Interest Expense 0 Other Operating Expenses 61,800 Amortization Expense 0 Salaries and Wages Expense 110,000 Total $1,167,400 $1,167,400 Unrecorded transactions 1. On May 1, 2015, Hassellhouf purchased equipment for $21,200 plus sales taxes of $1,600 (all paid in cash). 2. On July 1, 2015, Hassellhouf sold for $3,500 equipment which originally cost $5,000. Accumulated depreciation on this equipment at January 1, 2015, was $1,800; 2015 depreciation prior to the sale of the equipment was $450. 3. On December 31, 2015, Hassellhouf sold for $9,000 on account inventory that cost $6,300. 4. Hassellhouf estimates that uncollectible accounts receivable at year-end is $4,000. 5. The note receivable is a one-year, 8% note dated April 1, 2015. No interest has been recorded. 6. The balance in prepaid insurance represents payment of a $3,600 6-month premium on September 1, 2015. 7. The building is being depreciated using the straight-line method over 30 years. The salvage value is $30,000. 8. The equipment owned prior to this year is being depreciated using the straight-line method over 5 years. The salvage value is 10% of cost. 9. The equipment purchased on May 1, 2015, is being depreciated using the straight-line method over 5 years, with a salvage value of $1,800. 10. The patent was acquired on January 1, 2015, and has a useful life of 10 years from that date. 11. Unpaid salaries and wages at December 31, 2015, total $5,200. 12. The unearned rent revenue of $6,000 was received on December 1, 2015, for 3 months rent. 13. Both the short-term and long-term notes payable are dated January 1, 2015, and carry a 9% interest rate. All interest is payable in the next 12 months.